Frog Innovations Ltd
Incorporated in 2004, Frog Cellsat
Ltd manufactures in-building coverage solutions and mobile network accessories for mobile service providers and operators. It also provides installations, repair and maintenance services[1]
- Market Cap ₹ 256 Cr.
- Current Price ₹ 164
- High / Low ₹ 290 / 124
- Stock P/E 15.5
- Book Value ₹ 101
- Dividend Yield 0.00 %
- ROCE 21.6 %
- ROE 16.2 %
- Face Value ₹ 10.0
Pros
- Company is almost debt free.
- Company is expected to give good quarter
- Company has delivered good profit growth of 88.5% CAGR over last 5 years
Cons
- Though the company is reporting repeated profits, it is not paying out dividend
- Debtor days have increased from 92.7 to 132 days.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Half Yearly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 31 | 65 | 84 | 87 | 89 | 60 | 87 | 120 | 133 | 135 | 158 | 219 | 187 | |
| 23 | 49 | 68 | 76 | 84 | 64 | 82 | 109 | 114 | 110 | 138 | 184 | 158 | |
| Operating Profit | 8 | 16 | 16 | 11 | 5 | -4 | 5 | 11 | 19 | 25 | 20 | 35 | 29 |
| OPM % | 26% | 25% | 19% | 13% | 5% | -7% | 6% | 9% | 14% | 18% | 13% | 16% | 15% |
| 0 | 0 | 0 | 1 | 2 | 1 | 2 | 2 | 3 | -1 | 3 | 3 | 3 | |
| Interest | 0 | 0 | 1 | 1 | 2 | 2 | 2 | 1 | 1 | 1 | 0 | 1 | 1 |
| Depreciation | 1 | 2 | 2 | 2 | 2 | 3 | 3 | 2 | 1 | 2 | 3 | 4 | 4 |
| Profit before tax | 7 | 14 | 14 | 10 | 3 | -8 | 2 | 9 | 20 | 21 | 19 | 33 | 25 |
| Tax % | 23% | 16% | 33% | 21% | 6% | -19% | 54% | 30% | 30% | 27% | 22% | 28% | |
| 6 | 12 | 9 | 8 | 3 | -7 | 1 | 7 | 14 | 15 | 15 | 24 | 17 | |
| EPS in Rs | 1,128.00 | 2,362.00 | 1,804.00 | 1,550.00 | 606.00 | -1,372.00 | 194.00 | 1,322.00 | 2,792.00 | 10.06 | 9.79 | 15.17 | 10.63 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 13% |
| 5 Years: | 20% |
| 3 Years: | 18% |
| TTM: | 39% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 7% |
| 5 Years: | 89% |
| 3 Years: | 19% |
| TTM: | 77% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | -5% |
| 1 Year: | -36% |
| Return on Equity | |
|---|---|
| 10 Years: | 13% |
| 5 Years: | 16% |
| 3 Years: | 15% |
| Last Year: | 16% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 15 | 15 | 16 | 16 |
| Reserves | 19 | 31 | 40 | 48 | 51 | 44 | 45 | 52 | 61 | 100 | 116 | 143 | 142 |
| 4 | 10 | 12 | 13 | 26 | 21 | 18 | 4 | 6 | 0 | 5 | 20 | 13 | |
| 2 | 13 | 14 | 9 | 10 | 9 | 26 | 28 | 23 | 23 | 24 | 46 | 25 | |
| Total Liabilities | 26 | 55 | 66 | 70 | 87 | 74 | 88 | 83 | 90 | 139 | 160 | 225 | 195 |
| 4 | 9 | 9 | 9 | 9 | 12 | 9 | 5 | 6 | 8 | 76 | 80 | 89 | |
| CWIP | 0 | 0 | 0 | 0 | 2 | 0 | 0 | 0 | 7 | 36 | 0 | 0 | 1 |
| Investments | 0 | 0 | 0 | 2 | 10 | 10 | 11 | 12 | 10 | 0 | 0 | 1 | 1 |
| 22 | 45 | 57 | 60 | 65 | 52 | 68 | 66 | 66 | 94 | 84 | 144 | 104 | |
| Total Assets | 26 | 55 | 66 | 70 | 87 | 74 | 88 | 83 | 90 | 139 | 160 | 225 | 195 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| -2 | 2 | 6 | 1 | -3 | 9 | 2 | 7 | 7 | -3 | |||
| -2 | -8 | -1 | -1 | 0 | -0 | -7 | -26 | -30 | -7 | |||
| 2 | 5 | 1 | 0 | -4 | -8 | -3 | 35 | 4 | 15 | |||
| Net Cash Flow | -2 | -1 | 6 | -0 | -7 | 1 | -8 | 16 | -19 | 5 | ||
| Free Cash Flow | -4 | -6 | 5 | -1 | -7 | 8 | -7 | -25 | -26 | -14 | ||
| CFO/OP | -22% | 20% | 56% | 31% | 49% | 199% | 24% | 52% | 61% | 9% |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 117 | 123 | 82 | 119 | 70 | 76 | 90 | 81 | 54 | 75 | 71 | 132 |
| Inventory Days | 128 | 183 | 175 | 108 | 118 | 179 | 170 | 76 | 128 | 156 | 126 | 118 |
| Days Payable | 47 | 120 | 90 | 36 | 39 | 37 | 135 | 112 | 71 | 61 | 38 | 90 |
| Cash Conversion Cycle | 199 | 185 | 167 | 191 | 149 | 219 | 125 | 45 | 111 | 170 | 160 | 159 |
| Working Capital Days | 150 | 141 | 138 | 163 | 70 | 89 | 77 | 58 | 93 | 120 | 121 | 119 |
| ROCE % | 39% | 45% | 30% | 18% | 7% | -9% | 7% | 19% | 33% | 27% | 14% | 22% |
Insights
In beta| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| Net Fixed Asset Turnover x |
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| Order Book Rs. Million |
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| Total R&D Investment Rs. Million |
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Extracted by Screener AI
Documents
Announcements
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Updates
21 April 2026 - Company states corporate governance report not applicable for FY ended March 31, 2026.
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Updates
21 April 2026 - Frog Innovations says FY2026 Annual Secretarial Compliance Report under Regulation 24A is not applicable.
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Updates
13 April 2026 - Frog Innovations confirms SEBI large corporate disclosure not applicable for FY 2026-27.
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Certificate under SEBI (Depositories and Participants) Regulations, 2018
6 April 2026 - Filed Regulation 74(5) certificate for quarter ended 31 March 2026; no physical shares received for dematerialization.
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Trading Window
25 March 2026 - Trading window closed from 01-Apr-2026 until 48 hours after audited FY2026 results announcement; board date TBA.
Annual reports
Concalls
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Dec 2025Transcript PPT REC
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May 2025Transcript PPT
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Jan 2025Transcript PPT REC
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Oct 2024Transcript PPT REC
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Jul 2024Transcript PPT REC
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May 2024Transcript PPT REC
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Nov 2023TranscriptPPTREC
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Sep 2023TranscriptAI SummaryPPTREC
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Aug 2023TranscriptPPT
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Jun 2023Transcript PPT REC
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Dec 2022TranscriptAI SummaryPPT
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Dec 2022TranscriptAI SummaryPPT
Business Overview:[1]
FSL is certified by ISO and National Security Council, for design, manufacture, installation and supply of Telecom Equipment to Indian Mobile Operators. It manufactures RF equipments in India and provides wireless coverage enhancement solutions for 2G /3G /4G /5G.